A joint venture between Antonio-led Century Properties Group Inc. and Japanese conglomerate Mitsubishi Corp. has earmarked P28 billion for the development of affordable housing units.
The newly-incorporated joint venture company, PHirst Park Homes will launch 15 masterplanned communities in Calabarzon and Central Luzon. This will translate to a total of 33,000 residential units with an estimated sales value of P57 billion.
Of the P28 billion, P11 billion will be spent in the first five years.
PHirst Park Homes will also expand in the Visayas and Mindanao regions once it has established market scale.
The company has already sold out the first phase of maiden project in Tanza, Cavite, which comprised 1,200 units valued at around P1.4 billion. Around 600 units of townhouses and single attached homes are expected to be completed within the year.
Last June, Century Properties launched PHirst Park Homes Lipa, a 20-hectare development in Lipa City, Batangas with 1,867 units valued at Php2.8 billion.
From being a mere developer of high-rise condominium projects, CPG has entered into allied real estate segments including affordable horizontal housing, leisure and tourism developments, and for-lease properties.